Welcome to the November 2022 issue of Credit Insurance News Digest.
PLUS: Insolvency Vulnerabilities in a Permacrisis, by Greg Connell, Managing Director of InfolinkGazette.
Credit Insurance News
Trade credit insurers: A dating agency or partners for life? The latest issue of ICISA Insider features an article in which Charles Nortje, CEO of Credit
Guarantee Insurance Corporation, argues that the aspiration of many trade credit insurers to be their
clients' first choice in the market may not be a recipe for
insurers' own sustainability and profitability.
"We are not motor insurers jostling for position in an overtraded market." He notes that "better clients" approach problems with late payment of a buyer, particularly a large buyer, in a spirit of problem-solving and
collaboration with their trade credit insurer, assist their insurer with information gathering for underwriting purposes and are prepared to back their own credit extension decisions with appropriate "skin in the game".
"The better clients do not regard their credit insurer as a dumpster for routine
poor credit decisions. Their credit insurer is viewed as a goalkeeper, only where all other lines of defence have failed, or in
the case of a catastrophic unforeseeable event." To read ICISA's article go to https://icisa.org/wp-content/uploads/2022/11/0_The-ICISA-Insider_November_2022-1.pdf.
ASOS problems: Trade credit insurance for retailers is "a vital cog of the machine".
Proactive Investors has published an article which examines the challenges ASOS faces, particularly following the recent news (reported in The Sunday Times) that ASOS' leading credit insurer,
Allianz Trade, might reduce cover for its suppliers by more than half. "For a company that has issued a profit warning already this year, that would not be good news." Commenting on the role of
trade credit insurance for retailers, Julie Palmer, Partner at Begbies Traynor, noted that "when the system works, it works really well." However, she added, that when the relationship breaks down,
"it can break down quite spectacularly" and noted that the collapse of Toys R Us, in 2017, is one specific example from the "relatively" recent past.
To read Proactive Investors' article go to https://www.proactiveinvestors.co.uk/companies/news/995569/asos-problems-pile-up-ahead-of-new-ceo-s-debut-995569.html.
When the economic environment deteriorates, you get "a glimpse of real credit insurers' DNA".
Following on from his article of a few years ago, "Once upon a time Trade Credit Insurance in Dubai", which looked at trade credit insurance when it was still in its early stages in the region,
Aurélien Paradis, CEO of AU Group Middle East, has now published his current view of the market. He notes that trade credit insurance is performing well in the two main markets, the UAE and Saudi Arabia, and the three main global credit insurers (Allianz Trade, Atradius and Coface) are offering a good level of insurance
coverage. "On average international credit insurers are quite
supportive these days." However, the level of claims is under control, "which helps to be more aggressive commercially", and Aurélien Paradis warns that it is not until the economic environment deteriorates that you get a "glimpse of the real credit insurers' DNA."
To read the article go to https://www.au-group.com/final-chapter-once-upon-a-time-trade-credit-insurance-in-dubai/.
Trade credit insurers cut cover for Boohoo suppliers.
Drapers has published an article that has reported that
Allianz Trade has reduced its cover for Boohoo Group's suppliers amid concerns about its recent falling profits and the tough trading environment.
Drapers advises that it understands the reduction will impact all Boohoo Group suppliers, but the exact amounts could vary.
One Boohoo supplier told Drapers that his insurance cover was first reduced eight months ago, and it will now be reduced again.
To read Drapers' article go to https://www.drapersonline.com/news/credit-insurer-cuts-cover-for-boohoo-suppliers.
Allianz Trade predicts that UK insolvencies will increase by 51% this year.
A new report by Allianz Trade forecasts that UK insolvencies will rise by 51% this year and a further 10% next year.
Not only would this mean that UK insolvencies would be higher than the global averages — which look set to be 10% this year and 19% in 2023 — but the UK would also outpace many other major European economies.
For example, business insolvencies in Germany are expected to rise by 5% in 2022 and 17% next year, while Italy is forecast to record 6% and 36% increases.
On the other hand, France is expected to see business failures rise by 46% in 2022 and 29% in 2023.
Maxime Lemerle, Lead analyst for Insolvency Research at Allianz Trade, commented: "The rebound in business insolvencies is already a reality for most countries, in particular for the
top European markets (the UK, France, Spain, the Netherlands, Belgium and Switzerland).
To read Allianz Trade's news release go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/business-insolvencies-corproate-risk.html.
Atradius downgrades its prediction for global trade growth in 2023 from 4% to 1.5%.
Atradius has announced that it is downgrading its prediction for global trade growth (in goods in volume terms) to 1.5% in 2023, down from 4% in its previous forecast. The downward revision comes on the
back of a steep fall in GDP growth, which Atradius believes will slump to 1.7% next year. Atradius' prediction follows that of the World Trade Organisation (WTO), which revised its own forecast earlier this month and now predicts
trade growth of just 1% in 2023. John Lorié, Chief Economist at Atradius, said: "We are a little more optimistic than the WTO, but the direction of travel for 2023 now seems set. Without a serious improvement
in the geopolitical environment, trade growth next year is likely to be sluggish at best,
though we do think it will remain in positive territory."
To read Atradius' news release go to https://group.atradius.com/press/atradius-news/world-trade-growth-atradius-downgrades-growth-forecast.html.
A cold chill on the global economy — but especially Europe.
Coface's latest Barometer for Q3 2022 has significantly reduced its world growth forecasts. However, while the growth forecasts have been revised downwards for all regions worldwide,
Europe is the one whose outlook has darkened the most. Coface suggests that a recession now "seems inevitable in all major
European economies this winter, and most of
them will even record negative growth for the
year as a whole." Consequently, the majority of Coface's country risk assessment downgrades this quarter concern European economies, with eight countries (Italy, Denmark, Switzerland, Cyprus, Luxembourg, Malta, Egypt and Chile) impacted.
Coface also notes that (as in 2001, 2008, 2009 and 2020) global growth will be below 2% in 2023. To read Coface's news release (with a link to the full report) go to https://www.coface.com/News-Publications/News/A-cold-chill-on-the-global-economy-Q3-2022-Barometer.
The UK is expected to see notable levels of construction insolvencies Ray Massey, Tokio Marine HCC's Underwriting Director - Credit,
recently published an article for Baker Ing that warns that the construction sector across Europe is now facing a further shock of similar or
greater dimensions to the recession of 2008-2010 or the impact of COVID. However, for the UK — the third largest construction sector in Europe — Tokio Marine HCC's analysis suggests there are additional pressures to consider.
"Brexit has naturally impacted the UK more than any other region, while the UK economy's heavy weighting towards services meant that the drop in output during Covid was greater than others in the G7."
Furthermore, with low, single-digit profit margins as a model, notable contractual risk when pricing jobs and a sector dominated by SME entities, the UK is expected to see notable levels of construction insolvencies.
To read Tokio Marine HCC's article go to https://www.tmhcc.com/en/news-and-events/trade-credit-construction-in-europe.
What artificial intelligence (AI) can offer
credit insurers. ICISA's latest ICISA Insider
includes an article in which Thomas Frossard, Chief Innovation Officer at Tinubu, advises how trade credit insurers can benefit greatly from AI. He notes that, although AI can be
perceived as a replacement for humans or current algorithms, a different way of looking at it is as a decision-facilitation tool. "AI models could be used simply as another source of
information for underwriters or as a back-up (another "set of eyes") for current decision models." Another advantage of AI is that it can quickly simulate new conditions —
an important consideration where short-term indicators are becoming increasingly important. For example, while probabilities of default have been largely assessed using through-the-cycle approaches,
credit insurers can now introduce more point-in-time factors into their evaluations — for instance, using social media data.
To read ICISA's article go to https://icisa.org/wp-content/uploads/2022/11/0_The-ICISA-Insider_November_2022-1.pdf.
Trade credit insurers describe the main challenge insurance brokerages in Australia face in 2022.
Insurance Business has published an article in which brokers in the Australian market describe some of the challenges currently facing the industry. Paul Daniele, Director of Prasidium Trade Credit Insurance
(one of Insurance Businesses' top brokerages for 2022), noted that the challenging market conditions have placed a premium on adapting to market changes. However, he described his company's
biggest challenge as "bringing new people in". He added. "It's really hard. The ability to employ even someone who doesn't have experience; it's just really hard to get the right people."
To read Insurance Business' article go to https://www.insurancebusinessmag.com/au/news/breaking-news/leader-reveals-main-challenge-insurance-brokerages-face-in-2022-424202.aspx.
A link to the Top Brokerages 2022 report is given at the end of the article.
A link to the Top Brokerages 2022 report is given at the end of the article.
Firms struggle to 'stay above water' as inflation hits new highs.
StrategicRisk has reported that, according to Tanya Giles, Head of SME Business at Atradius, the UK's high rate of inflation (10.1% at the time of writing) is creating significant implications for businesses.
She warns: "The news of firms becoming insolvent will become more and more commonplace as we enter 2023. In fact, insolvency rates are already well above pre-pandemic
levels as companies feel the effects of the withdrawal of government support present throughout the pandemic." Tanya notes that this year, 16,171 businesses were made insolvent across England and Wales — 70.5% more than the same period in 2021.
To read Strategic Risk's article go to https://www.strategic-risk-europe.com/home/firms-struggle-to-stay-above-water-as-inflation-hits-new-highs/1442716.article.
NCI's trade credit insurance claims in Australia rose by 26% in Q3. NCI Trade Credit Solutions has reported that its latest Trade Credit Index (Q3 2022) indicates an increasingly risky trade credit environment for businesses in Australia.
NCI notes that compared to Q2 2022, the number of trade credit insurance claims in Australia increased by 26%, although the value has dropped by -1.5%.
There was also a 5% rise in the number of collections lodged with NCI and a 3.4% increase in the number of serious overdues reported.
Overall, the trade sectors with the greatest number of claims were the Electrical and Building/Hardware sectors. Notable businesses entering administration in Q3 included: Oracle Building Corporation Pty Ltd,
Norway Grange Pty Ltd,
Unreal Steel Pty Ltd,
Boomer Services Pty Ltd, and Buckby Contracting Pty Ltd.
To see NCI's infographic go to https://nci.com.au/trade-credit-risk-index-q3-2022/.
Atradius awards its UK staff a one-off £1,600 cost-of-living payment. Employee Benefits has reported that Atradius has awarded 426 members of its UK staff (99% of its employees across the UK and Ireland,
including interns and those on temporary contracts) a £1,600 payment to support them during the cost-of-living crisis. The one-off payment was made in October 2022 and has been introduced
in addition to normal inflation and performance-based pay increases. Stuart Ramsden, Regional Director of Atradius in the UK and Ireland, commented: "The team at Atradius are on the frontlines helping our customers
with navigating a turbulent economy amid the cost-of-living crisis. But we know that this is a challenging time for them, too."
To read Employee Benefits' article go to https://employeebenefits.co.uk/atradius-awards-staff-1600-cost-living-payment/.
Abacus launches a new trade credit insurance website.
Abacus Credit Insurance Brokers has noted that the trade credit insurance market is seeing a significant uptick in overdue payments and claims, while the amount of new enquiries that Abacus is seeing is now at record levels.
In this context, and to make things easier for new clients, Abacus has announced that it has streamlined the content on its website to not "overwhelm" prospects and existing clients "with 'insurancey' info from the off."
Abacus has also added a 'Chat' functionality to enable prospective clients to chat with a broker in real-time.
To read Abacus' news release and see its new website go to https://ukcreditinsurance.com/latest-articles/new-credit-insurance-website/.
Q&A: Why credit insurance is more important than a burglar alarm.
Xenia Broking Group has published a Q&A in which Xenia's Business Development Executive, Andy Jamieson, describes his role at Xenia, his route into the industry, what he enjoys most about his
job and his advice for anyone wanting to enter the industry. On the subject of how the industry has changed over the years, Andy recalls that when he started in the industry, years before email,
the internet, faxes, and even mobile phones, the only way to keep in touch was by stopping at a telephone box with a pocket of loose change and calling the office for messages and ringing clients back from there.
"Tell the millennials that and they won't believe you!"
To read the Q&A go to https://xeniabroking.com/news-and-insights/why-credit-insurance-is-important-even-without-debt-a-q-a-with-business-development-executive-andy-jamieson.
VIDEO. Trade Credit Insurance Week
2022: A week of celebration
of the TCI industry.
ICISA's first-ever Trade Credit Insurance Week, which took place online from 26-30 September, brought together hundreds of participants across the industry. The event aimed to increase awareness of the vital role trade credit
insurance plays in supporting the global economy and provided an opportunity to explore some key themes and topics impacting the industry today. The recordings of nine online sessions (themes below) are now available to view:
- Public perception of the trade credit insurance industry
- Challenges, changes and opportunities in the use of credit insurance by financial institutions
- The changing nature of trade
- Trends and evolution in the trade credit insurance market
- Development of the US credit insurance market
- Attracting and retaining talent
- State-of-the-art technology in the insurance industry
- Role of trade credit insurance in building a more sustainable future
- Understanding the evolving sanctions landscape.
ECAs move towards a political agenda. GTR (Global Trade Review) has published an article which examines how, after export credit agencies (ECAs) shifted their
offerings and increased their exposure to domestic transactions during the pandemic, some are now looking to regear to support wider government policies, such as bolstering manufacturing or tackling the climate crisis.
However, as they do so, GTR discusses growing concerns that ECAs may now be over-concentrating in certain sectors and neglecting developing markets.
Gabriel Buck, Managing Director of export finance consultancy GKB Ventures, commented that some ECAs will have used domestic financing merely as a "stop-gap" during the credit crisis caused by the pandemic and noted:
"We are seeing ECAs moving towards a political agenda, rather than a pure financing agenda." To read GTR's article go to https://www.gtreview.com/magazine/the-export-finance-issue-2022/ecas-turn-inwards-the-rise-of-domestic-finance/.
How export credit can support a 'green and just transition'.
The Berne Union has published a thought piece in which Berne Union President, Michal Ron, outlines the vital role of export credit in supporting innovation, technology transfer and long-term investment in critical sectors such as
energy, transportation, and infrastructure. She also describes how, as governments around the world seek to shift their industrial strategy and export sectors towards environmentally sustainable targets,
ECAs are becoming increasingly important drivers of the transition to a low-carbon global economy. She notes that at the start of 2022, the Berne Union established a
Climate Working Group, a multidisciplinary
think tank focused on
promoting examples of innovation in approaches to
climate finance products and structures.
To read the Berne Union's news release with a link to the thought piece go to https://www.berneunion.org/Articles/Details/721/Finance-in-Common-BU-engagement-on-how-export-credit-support-a-green-and-just-tr.
VIDEO: Swiss Re's Basil Louvaris on trade credit insurance and the US market. To learn more about the current credit insurance landscape and insurance provider
Swiss Re's expansion into the North American market, Trade Finance Global sat down with Basil Louvaris, Trade Finance North America Geographic Lead at Swiss Re Corporate Solutions, the primary insurance arm of Swiss Re.
To watch the video go to https://www.tradefinanceglobal.com/posts/video-swiss-re-basil-louvaris-credit-insurance-us-market/.
VIDEO: Company Watch announces New Data Search. Company Watch announced the launch of its new Data Search on 31 October 2022 and has released a video to explain the new functionality that will be available to users. New Features include: more granularity
in many search filters (e.g., Event type; Live Search Count update; Chargeholder search; Dashboard visualisations and Officer search. To watch Company Watch's video go to https://www.youtube.com/watch?v=8nGIceQVIkw.
ICISA's Glossary of Surety Terms.
What is a financial guarantee? What is a fiduciary bond? What are the differences between a surety bond, a guarantee and a standby letter of credit?
The International Credit and Surety Association (ICISA) has published a Glossary of Surety Terms that aims to clarify the most commonly used industry terms in clear and straightforward language.
Readers can also contribute to the publication by submitting their definitions
to ICISA's Secretariat at secretariat@icisa.org. A working group will review these and then will be added to the Glossary.
To see the current Glossary go to https://icisa.org/surety-glossary/.
Sustainability and the Trade Credit Insurance Industry.
As part of the global sustainable strategy embedded in the recent introduction of the 'Credendo Green Package', Credendo has announced that it has installed 140 solar panels on the roof of its Headquarters in Brussels. The panels will produce up to 55 kWp (kiloWatt peak) and lead to an annual reduction of CO2 emissions of 13.5 tonnes. For more information, read Green Package | Credendo.
As part of the global sustainable strategy embedded in the recent introduction of the 'Credendo Green Package', Credendo has announced that it has installed 140 solar panels on the roof of its Headquarters in Brussels. The panels will produce up to 55 kWp (kiloWatt peak) and lead to an annual reduction of CO2 emissions of 13.5 tonnes. For more information, read Green Package | Credendo.
Congratulations
Many congratulations to John Caffrey, Vice President, Account Management (The Americas) on his 40th anniversary with Allianz Trade (previously known as The American Credit Indemnity Company (ACI)).
Many congratulations to John Caffrey, Vice President, Account Management (The Americas) on his 40th anniversary with Allianz Trade (previously known as The American Credit Indemnity Company (ACI)).
NEW: Photo Gallery
Some of Credit Insurance News' readers have recently raised significant amounts of money for charity and we are delighted to show their photos
and provide a little more information on their endeavours.
Thank you to Dan Yallop, Andrew Aldridge and the entire Allianz Trade Australia Movember team (we look forward to showing an updated photo of your moustaches in December's issue of the Digest).
Thank you to Dan Yallop, Andrew Aldridge and the entire Allianz Trade Australia Movember team (we look forward to showing an updated photo of your moustaches in December's issue of the Digest).
Click here to view this month's photos.
New Appointments
Allianz Trade has announced that Aylin Somersan Coqui, currently Group Chief Risk Officer of Allianz SE, will become CEO and
Chairperson of the Board of Management of Allianz Trade.
This will follow the departure of Clarisse Kopff, who has decided to pursue a new leadership role outside of Allianz as of 30 November. Aylin has held multiple international leadership roles within the Group.
AIG has appointed Christian Vollbehr as Global Head of Multinational Accounts, Trade Credit.
Christian has been with AIG for more than nine years, and was most recently employed as Head Multinational & Strategic Markets Europe & MENA.
WTW has announced that Chantal Joosse will become its new Head of Trade Credit Insurance Benelux.
Chantal has previously held senior management positions in Europe and the US at Atradius and Coface.
For the past four years, she has been responsible for Strategic Partnerships at Stenn International.
Coface has announced the appointment of Craig Giles as its new Head of Coface Global Solutions (CGS) in the UK and Ireland. Craig joined Coface in 2021 as CGS Retention Manager following 15 years at Atradius.
AIG has appointed Daina Muceniece as Senior Underwriter, Strategic & Multinational, Trade Credit, based in London.
Daina has re-joined AIG from Canopius Group where she worked as Trade Credit Underwriter.
Career Opportunities
The vacancies below reflect Credit Insurance News Job Board on 9 November 2022. Click here to see Credit Insurance News' current Job Board.
Credit Broker, Leeds
Business Development Executive, Leeds/Midlands
W Denis have two vacancies currently:
W Denis Group is an established (in excess of 50 years) and independent Lloyds of London broker, with offices in Leeds, London and within the EU, and experience of dealing with a wide variety of sectors and National jurisdictions.
W Denis Credit Risks is the specialist business in the group dealing with trade credit insurance, surety and political risk. Trading over 22 years, and part employee owned, we offer experience in depth, an informal and friendly working environment, and a focus on clients. We are a growing business, both organically and by acquisition, and are a leading UK broker in our field. We offer support to international businesses through the Farosol network of brokers of which we are a part.
To apply for either of these positions, please email your CV and covering letter to John.Cockshutt@wdenis.co.uk.
-
Credit Broker, Leeds
We are looking to expand the account management team in our Leeds office. We’re a growing business, and this means we need a larger team to support our clients. It’s a friendly and informal work environment, and the work is varied — from claims to company credit vetting to checking legal documents. We can offer an attractive package for the right candidate, and no experience is required. The ability to work with the team is essential, and you would be based at our office in Leeds.
You should have at least 5 GCSE’s, be competent with Microsoft products, have a pleasant and confident phone manner, enjoy problem solving and working as part of a national team. Full training is provided. -
Business Development Executive, Leeds/Midlands
To help continue our expansion we are looking for a business development executive, based either out of our Leeds office or our Midlands office in Tamworth. You should have a proven track record in sales, be familiar with working in a regulated environment, and able to work as part of a team. You should be able to self-generate Leeds, though support is provided from our Leeds based development team. Experience of working with credit insurance preferred, but consideration would be given to candidates with experience of general insurance or finance.
W Denis Group is an established (in excess of 50 years) and independent Lloyds of London broker, with offices in Leeds, London and within the EU, and experience of dealing with a wide variety of sectors and National jurisdictions.
W Denis Credit Risks is the specialist business in the group dealing with trade credit insurance, surety and political risk. Trading over 22 years, and part employee owned, we offer experience in depth, an informal and friendly working environment, and a focus on clients. We are a growing business, both organically and by acquisition, and are a leading UK broker in our field. We offer support to international businesses through the Farosol network of brokers of which we are a part.
To apply for either of these positions, please email your CV and covering letter to John.Cockshutt@wdenis.co.uk.
Senior Risk Underwriters — Risk Team
London / Leicestershire / Manchester
Are you looking for your next challenge? Join the TMHCC Trade Credit team!
The Tokio Marine HCC (TMHCC) Trade Credit team are expanding and we’re excited to confirm Senior Risk Underwriter positions within the Risk team.
TMHCC is one of the world’s largest insurance and reinsurance groups, with a Credit practice headquartered in the UK. With 40yrs experience, we seek to provide exceptional levels of service — across risk, commercial and claims — and thereby develop long-term profitable relationships.
What we’re looking for:
Credit is a sociable team, working out of offices in London / Leicestershire / Manchester with hybrid working arrangements that provide for the requirement for face-to-face meetings while allowing some working-from-home ability.
To apply: If you’re interested, please contact Ray Massey rmassey@tmhcc.com, Underwriting Director – Credit for more information.
The Tokio Marine HCC (TMHCC) Trade Credit team are expanding and we’re excited to confirm Senior Risk Underwriter positions within the Risk team.
TMHCC is one of the world’s largest insurance and reinsurance groups, with a Credit practice headquartered in the UK. With 40yrs experience, we seek to provide exceptional levels of service — across risk, commercial and claims — and thereby develop long-term profitable relationships.
What we’re looking for:
- Relevant academic achievements and level of underwriting experience
- Strong communication skills
- Exceptional customer service levels
- Underwriting credit limit requests across a specific trade sector, while also working within a team environment and assisting colleagues as needed.
- Managing the risk communication and dialogue within the portfolio, ensuring sector knowledge is imparted and shared as appropriate and client relationships strengthened.
- Ensure all risk underwriting service commitments are achieved, including meetings / turnaround times / notice periods, etc, as appropriate.
- Undertake ongoing buyer monitoring to ensure continued profitability within the portfolio.
- Providing new business limit indications to sales team
- Attending new business prospect meetings with sales team as needed to assist in growth targets.
Credit is a sociable team, working out of offices in London / Leicestershire / Manchester with hybrid working arrangements that provide for the requirement for face-to-face meetings while allowing some working-from-home ability.
To apply: If you’re interested, please contact Ray Massey rmassey@tmhcc.com, Underwriting Director – Credit for more information.
Underwriter / Assistant Underwriter — Trade Credit
London (Leadenhall)
London (Leadenhall)
Are you looking to further your career in a trade credit underwriting environment either as an Underwriter or Assistant Underwriter? Due to significant growth, the trade credit division of Chubb Global markets is expanding its
Underwriting team and will need additional resource to assist in the acquisition of new business and the servicing of our existing accounts. This is an exciting time to join the team where progression & development opportunities
will be on offer for the right individual. If this sounds like you, then we would love to hear from you.
The primary focus will be to work with one underwriter within the team on their existing and new portfolio but there will be opportunity to work with other underwriters as workload requires.
The role is to assist with new business and servicing and will encompass all aspects of the day-to-day administration from credit limit applications, to portfolio management through to claims.
To support an existing team member with the delivery of our service proposition to brokers, prospects and existing customers. To ensure response times (internal and external) are consistent with the division’s service expectations. To help manage credit limit applications. Act as a liaison point with Operations and Credit Control. Perform ad-hoc project based duties as required.
Qualifications
Flexible Working
We are open to discussing flexible working arrangements. This can be discussed with the Recruitment Business Partner managing this position.
Integrity. Client focus. Respect. Excellence. Teamwork
Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive.
Diversity & Inclusion
At Chubb we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
To apply, please go to https://careers.chubb.com/global/en/job/2200014J/Underwriter-Assistant-Underwriter-Trade-Credit.
The primary focus will be to work with one underwriter within the team on their existing and new portfolio but there will be opportunity to work with other underwriters as workload requires.
The role is to assist with new business and servicing and will encompass all aspects of the day-to-day administration from credit limit applications, to portfolio management through to claims.
To support an existing team member with the delivery of our service proposition to brokers, prospects and existing customers. To ensure response times (internal and external) are consistent with the division’s service expectations. To help manage credit limit applications. Act as a liaison point with Operations and Credit Control. Perform ad-hoc project based duties as required.
Qualifications
- Knowledge of credit insurance is preferred
- Good Microsoft Office skills with advanced knowledge of Excel preferred
- High levels of attention to detail
- Language skills preferred but not essential
- Confident with effective communication and interpersonal skills both in verbal and written forms
- A desire to deliver and improve quality
- Problem resolution and decision-making skills.
- Ability to work in a team environment as well as on own initiative
- Minimum A-Level qualifications.
Flexible Working
We are open to discussing flexible working arrangements. This can be discussed with the Recruitment Business Partner managing this position.
Integrity. Client focus. Respect. Excellence. Teamwork
Our core values dictate how we live and work. We’re an ethical and honest company that’s wholly committed to its clients. A business that’s engaged in mutual trust and respect for its employees and partners. A place where colleagues perform at the highest levels. And a working environment that’s collaborative and supportive.
Diversity & Inclusion
At Chubb we consider our people our chief competitive advantage and as such we treat colleagues, candidates, clients, and business partners with equality, fairness and respect, regardless of their age, disability, race, religion or belief, gender, sexual orientation, marital status or family circumstances.
To apply, please go to https://careers.chubb.com/global/en/job/2200014J/Underwriter-Assistant-Underwriter-Trade-Credit.
Events & Professional Development
8th Annual Alternative & Receivables Finance Forum, 23-24 November. Clifford Chance, London.
The Alternative and Receivables Finance Forum returns this November as a two-day event. Join us to discuss current, new and avant-garde finance systems outside traditional banking, which have potential to replace financial institutions in their current format. We will look at the gateways for banks and other traditional liquidity providers to move into this space. Could we be on the verge of alternative finance becoming mainstream? Will decentralised finance become a new major source of delivering liquidity to the trade and receivables finance sector? How will other technologies continue to impact traditional markets? What can banks do to remain competitive and what are the practicalities of investing in the new technologies?
This November we will bring together panels of expert commentators from across the banking, fintech and non-banking finance sectors to discuss the opportunities set out by the new wave of innovative solutions and why banks, insurers, traditional platforms and others should take notice.
Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/8th-annual-alternative-receivables-finance-forum.
The Alternative and Receivables Finance Forum returns this November as a two-day event. Join us to discuss current, new and avant-garde finance systems outside traditional banking, which have potential to replace financial institutions in their current format. We will look at the gateways for banks and other traditional liquidity providers to move into this space. Could we be on the verge of alternative finance becoming mainstream? Will decentralised finance become a new major source of delivering liquidity to the trade and receivables finance sector? How will other technologies continue to impact traditional markets? What can banks do to remain competitive and what are the practicalities of investing in the new technologies?
This November we will bring together panels of expert commentators from across the banking, fintech and non-banking finance sectors to discuss the opportunities set out by the new wave of innovative solutions and why banks, insurers, traditional platforms and others should take notice.
Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/8th-annual-alternative-receivables-finance-forum.
MENA Supply Chain Finance 2022, 28-29 November. Dubai Chamber of Commerce, Al Mamzar.
Factoring and supply chain finance in the MENA region is attracting a lot of interest as it quickens its development. The region is rapidly growing into a global trading hub between east and west, with open account trading becoming increasingly common. The adoption of new technologies and the recognition of opportunity by investors, banks and fintechs is creating a very fertile environment. In the UAE, factoring and supply chain finance have been given a significant boost by the introduction of a Factoring Law (Federal Decree Law No (16) of 2021) which was issued on 29 August 2021 and came into effect on 7 December 2021. As a result, there has been an explosion of interest in receivables finance there. MENA Supply Chain Finance will examine the impact of these recent developments and the opportunities for the development and growth of factoring and supply chain finance and prospects for supporting the burgeoning demand for finance among SMEs and larger businesses. MENA Supply Chain Finance is not only for banks and financial institutions but also for fintechs, technology providers, credit insurers and all those with an interest in receivables finance. Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/mena-supply-chain-finance-2022.
Factoring and supply chain finance in the MENA region is attracting a lot of interest as it quickens its development. The region is rapidly growing into a global trading hub between east and west, with open account trading becoming increasingly common. The adoption of new technologies and the recognition of opportunity by investors, banks and fintechs is creating a very fertile environment. In the UAE, factoring and supply chain finance have been given a significant boost by the introduction of a Factoring Law (Federal Decree Law No (16) of 2021) which was issued on 29 August 2021 and came into effect on 7 December 2021. As a result, there has been an explosion of interest in receivables finance there. MENA Supply Chain Finance will examine the impact of these recent developments and the opportunities for the development and growth of factoring and supply chain finance and prospects for supporting the burgeoning demand for finance among SMEs and larger businesses. MENA Supply Chain Finance is not only for banks and financial institutions but also for fintechs, technology providers, credit insurers and all those with an interest in receivables finance. Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/mena-supply-chain-finance-2022.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
- 14 & 15 February 2023: Trade Credit Insurance Foundation Course
- 16 & 17 February 2023: Trade Credit Insurance Advanced Course
- 14 & 15 February 2023: Surety Foundation Course
- 16 & 17 February 2023: Surety Advanced Course
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: InfolinkGazette
Connell Data Ltd t/a InfolinkGazette, are essentially, a data capture bureau; we identify data that will be useful for risk, marketing, or compliance purposes and where it isn’t already
in an easy to consume format, we curate the data and structure it into easily ingestible files that are delivered to our subscription clients on a daily, weekly, monthly, or quarterly basis.
Data distribution is primarily through information re-sellers, such as Credit Reference Agencies and Data Aggregators and, to a small extent, we also supply to end users of information in the Credit Insurance, Debt Recovery, and Insolvency sectors.
We’d be known best for our unsecured creditor and insolvency databases, which help Credit Insurers, Brokers, Debt Collection Agencies and Credit Reference Agencies identify the optimum time to call commercial prospects and present their company's solution. This is the time when the prospect has the greatest propensity to purchase a Credit Insurance or Credit Risk Management solution, which is shortly after the prospect has incurred an unsecured credit loss, following one of their customers going out of business. In an average quarter, InfolinkGazette data quality editors process 3,000 insolvency files, with total unpaid/unsecured credit losses of over £1 billion, resulting from an average 45,000 ordinary unpaid trade creditors, who have each lost an average of more than £30,000. The information is available via our website 24/7, with extensive search, viewing & download facilities; the database of over 1 million records, increases at the rate of almost 15,000 unsecured creditors per month, which means we are constantly refreshing the supply of quality new business prospects and risk management data for credit professionals.
Apart from unsecured creditors data we provide all types of business information, throughout the entire business cycle, literally anything from the registration of a business to the termination of a company. All our data comes from public registries, the courts, or official gazettes, using either web extraction techniques, OCR, or traditional data entry and the uniqueness comes from the timeliness of the information, and the structured ready to load format of the delivered files. The timeliness is best illustrated by the work of our court correspondents, who identify upcoming Administrations, Moratoriums, Initial Stage Winding up Petition Applications and CVAs weeks before the information is published at Companies House, or the Gazette’s.
We provide: Unsecured Creditors; HMCourts filings (debtor & creditor actions); London Stock Exchange (LSE) Profit Warnings; UK Corporate Acquisitions; Deliberate Tax Defaulters; UK & ROI Business Reference Files; New Company VAT Registrations; Crown Dependency records; and numerous bespoke commercial data files.
Data distribution is primarily through information re-sellers, such as Credit Reference Agencies and Data Aggregators and, to a small extent, we also supply to end users of information in the Credit Insurance, Debt Recovery, and Insolvency sectors.
We’d be known best for our unsecured creditor and insolvency databases, which help Credit Insurers, Brokers, Debt Collection Agencies and Credit Reference Agencies identify the optimum time to call commercial prospects and present their company's solution. This is the time when the prospect has the greatest propensity to purchase a Credit Insurance or Credit Risk Management solution, which is shortly after the prospect has incurred an unsecured credit loss, following one of their customers going out of business. In an average quarter, InfolinkGazette data quality editors process 3,000 insolvency files, with total unpaid/unsecured credit losses of over £1 billion, resulting from an average 45,000 ordinary unpaid trade creditors, who have each lost an average of more than £30,000. The information is available via our website 24/7, with extensive search, viewing & download facilities; the database of over 1 million records, increases at the rate of almost 15,000 unsecured creditors per month, which means we are constantly refreshing the supply of quality new business prospects and risk management data for credit professionals.
Apart from unsecured creditors data we provide all types of business information, throughout the entire business cycle, literally anything from the registration of a business to the termination of a company. All our data comes from public registries, the courts, or official gazettes, using either web extraction techniques, OCR, or traditional data entry and the uniqueness comes from the timeliness of the information, and the structured ready to load format of the delivered files. The timeliness is best illustrated by the work of our court correspondents, who identify upcoming Administrations, Moratoriums, Initial Stage Winding up Petition Applications and CVAs weeks before the information is published at Companies House, or the Gazette’s.
We provide: Unsecured Creditors; HMCourts filings (debtor & creditor actions); London Stock Exchange (LSE) Profit Warnings; UK Corporate Acquisitions; Deliberate Tax Defaulters; UK & ROI Business Reference Files; New Company VAT Registrations; Crown Dependency records; and numerous bespoke commercial data files.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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